Results of Bondholder Meeting

Reference is made to the news release of May 12 2011 where Norse Energy Holdings Inc (“NEHI”, a subsidiary of Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") proposed to its Bondholders a change in the Loan Agreements for the bond loans NEC02, NEC03, NEC04 and NEC05.

The amendment proposal entails that Norse Energy Corp ASA ("NEC") is reinstated as the Borrower while Norse Energy Holdings Inc (“NEHI”) becomes guarantor. The amendment will have as consequence that there is no longer a legal requirement on NEHI to deduct a 30% U.S. withholding tax at source in the interest payments to bondholders. 

The Bondholders’ Meetings were held today at the offices of Norsk Tillitsmann ASA. A copy of the protocol for the Bondholders’ Meeting is enclosed. There were not sufficient bondholders present to form a quorum in respect of NEC02 and NEC04 and accordingly these loan agreements remain unchanged. A quorum was formed in respect of NEC03 where the amendment proposal was rejected and accordingly this loan agreement remains unchanged. A quorum was also formed among bondholders in NEC05 where all bondholders voted in favor of the amendment proposal however subject to corresponding amendments to NEC02, NEC03 and NEC04 and accordingly the loan agreement remains unchanged also for NEC05.

For further information please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com